Synopsis:
Well, everyone knows the basics for Lord of the Rings, don't they? The first book - they set out from the shire, travel to Bree, meet Aragorn, travel to Rivendell, form the company, and go through Moria and Lothlorien.
On the other hand, if you really don't have a clue what's going on... following on from the events chronicled in The Hobbit Frodo Baggins, Bilbo's heir, discovers that the ring he inherited from Bilbo isn't as innocent as he had believed, and Gandalf the wizard tells him that he is in great danger, and he must leave the Shire and travel to the dangerous lands where two ancient enemies are joining battle once more...
And if you haven't read the Hobbit, go read it. It'll help.
Review:
The first time through, this book (including the other two, that is) was a terrible struggle. But then I was twelve... Anyway, I enjoyed it then, even though it did make me feel like I should be taking notes, and I still enjoy it now. The soundalike names should be irritating, but in the end you're grateful for the reminder of who is related to who. It also helps you remember whose side everyone's on, and that's completely necessary, because the Lord of the Rings is a genuine epic, and has far too many characters for the human mind to comfortably deal with.
The slight confusion it caused me aside, this book is very entertaining, and I usually can't stand fantasy. Tolkien's Middle-Earth is a beautifully thought-out world, and his characters all have genuine human (or whatever) attributes. I especially liked all the bickering between the main characters. The language also works, as it doesn't in many fantasy novels (IMHO), which helps you take the whole thing seriously.
In conclusion; good. Read. Now, before the movies are released.
or...